The EUR/USD pair is again with a vengeance. After it traded with a bearish tone for your complete month of January, the pattern reversed in February because it bounced from an necessary confluence space.
A confluence space is given by each dynamic and help ranges. The market finds a number of components of technical help, and it bounces. That is precisely what the EURUSD did – it discovered dynamic help on the decrease fringe of a rising channel but in addition horizontal help offered by earlier horizontal resistance.
The USD is on a pattern decrease as soon as once more. Not solely the EUR/USD is bid, but in addition different G10 currencies, just like the AUD/USD or the GBP/USD.
Right this moment we are going to hear the primary of the 2 testimonies that the Fed Chair, Jerome Powell, will maintain this week. Right this moment is a very powerful one due to the component of shock. Often, the Fed’s Chair solely repeats the testimony on Wednesday’s listening to.
EUR/USD Technical Evaluation
Whereas inside the rising channel, the EUR/USD pair stays bid. Bulls could need to keep on the lengthy facet with a cease on the help space and a take revenue at a brand new larger excessive or outlined by a risk-reward ratio of 1:2. Bears could need to attempt their hand on the brief facet, however provided that the EURUSD makes a brand new decrease low and strikes beneath 1.1950.
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EUR/USD Worth Forecast
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